Ardonagh raises largest ever unitranche in unique buyout package

By Owen Sanderson
23 Jun 2020

Irish insurer Ardonagh has refinanced its whole capital structure and funded the acquisitions of insurance brokers Arachas and Bravo with the largest ever unitranche loan from a group of direct lending funds, plus a $500m syndicated dollar PIK toggle note.

The unitranche package is a £1.575bn-equivalent term loan plus a £300m-equivalent delayed draw capex facility. Also included in the refi is a £171m super senior revolver and the payment-in-kind (PIK) note. Euros make up €180m of the term loan, with the rest in sterling.

Direct lending deals above ...

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